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First Home Buyer Assistance Scheme

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The real estate market is experiencing an unprecedented surge in demand for urban properties, as buyers seek comfortable and convenient living spaces in the heart of bustling cities. This surge comes despite initial concerns about the pandemic’s impact on the real estate sector.Experts in the industry report that the desire for larger suburban homes that was observed during the height of the pandemic has now shifted back to a preference for urban living. This shift is attributed to a combination of factors, including the relaxation of remote work arrangements and the revival of city amenities as vaccination efforts progress.

First Home Buyer Assistance scheme

If you’re a first home buyer, you may be entitled to a concessional rate of transfer duty or even an exemption from paying it altogether under the First Home Buyers Assistance scheme (FHBAS).

Unlike the First Home Owner Grant, the FHBAS applies to

  • buying an existing home
  • buying a new home and
  • vacant land on which you intend to build a home.

The NSW Government recently announced increased thresholds for purchases of new homes and vacant land to build a new home from 1 August 2020.  The threshold for existing home purchases remains unchanged.

The tables below show the new thresholds from 1 August 2020 to 31 July 2021 and the thresholds for agreements dated between 1 July 2017 to 31 July 2020.

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